Faraday Future
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Electric car startup Faraday Future is currently embroiled in a dispute with key investor Evergrande Health Industry Group, a subsidiary of property developer China Evergrande Group. Evergrande agreed in June to purchase a 45-percent stake in Faraday Future from a company by the name of Season Smart. As part of the deal, Evergrande paid $860 million directly to Season Smart and approximately $2 billion was to be paid to Faraday Future via a payment plan running until 2020, with $700 million of the $2 billion figure to be paid up front. Evergrande is yet to pay the $700 million so Faraday...
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Faraday Future's first pre-production FF91 rolls off line at Californian plant
Electric car startup Faraday Future appears to be back on track with development of its first model, the FF91, following a rough couple of years resulting from cash shortages and a senior executive exodus. The Chinese-backed, U.S-based company reached a major milestone Tuesday with the completion...
Viknesh Vijayenthiran -
Faraday Future hits key milestone with first FF91 body-in-white
Electric car startup Faraday Future appears to be back on track with development of its first model, the FF91, following a rough couple of years resulting from cash shortages and a senior executive exodus. The company on Monday announced it has completed the first body-in-white for the FF91 at its...
Viknesh Vijayenthiran -
Hong Kong firm to buy 45 percent of Faraday Future
Remember Faraday Future? The cash-strapped electric car startup hasn't been in the headlines of late but it isn't dead yet. In fact, the company may have been thrown a lifeline in the form of a stake sale to Hong Kong firm Evergrande Health Industry Group, a subsidiary of property developer China...
Viknesh Vijayenthiran -
Ex-Faraday Future execs form EV startup, promise first model by 2021
A band of executives that up until last year were working for Faraday Future have joined forces to launch an electric car startup of their own. Their new company, called Evelozcity, is based in Los Angeles and already has seed funding of approximately $1 billion from investors in the United States...
Viknesh Vijayenthiran -
Faraday Future teases second SUV at supplier meeting
Faraday Future on Wednesday gave a preview of a model to follow the FF91, which the company remains hopeful of getting into production by the end of 2018. The preview came in the form of a design sketch shown briefly to attendees at a supplier meeting. The electric car startup held the meeting with...
Viknesh Vijayenthiran -
Faraday Future's vision hasn't exactly panned out as once imagined, and serious financial problems have ensued. However, a Hong Kong-based entity has thrown the struggling electric-car maker a $1.5 billion lifeline to keep the lights on. Business Insider reported on Tuesday that the unnamed entity has already deposited $550 million of the investment to keep Faraday Future afloat. The remaining $950 million will be dispersed after the company meets undisclosed project milestones, sources told the publication. With an influx of much-needed cash, Faraday Future is hosting a suppliers summit in...
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Jia Yueting defies order to return to China to stay in US and help Faraday Future
Despite being ordered to return to China by the country’s securities regulator, not to mention having his assets seized by the court system, embattled Chinese businessman Jia Yueting says he’s staying put in the United States in order to secure funding for electric car startup Faraday...
Viknesh Vijayenthiran -
Faraday Future backer Jia Yueting is ordered back to China, has assets seized
Faraday Future’s main backer, Jia Yueting, has been ordered to return to China to meet financial obligations promised to investors of his LeEco electronics and video streaming business. The order was issued on Monday by the China Securities Regulatory Commission which has been pushing for...
Viknesh Vijayenthiran -
Faraday Future’s Chinese backer placed on debt blacklist in latest setback for automaker
To say Faraday Future has been having a tough couple of months is probably the understatement of the year. The latest in a long list of setbacks is news that main backer Jia Yueting, the founder of Chinese tech giant LeEco, has been placed on an official list of debt defaulters in China after...
Viknesh Vijayenthiran -
Head Faraday Future designer resigns
Faraday Future won't necessarily end 2017 on a high note. The company's chief designer, Richard Kim, tendered his resignation on November 27, The Verge reported last Friday. Kim is a former BMW designer and one of the earlier hires at the fledgling electric-car company. The report said Kim had...
Sean Szymkowski -
Faraday Future out of Formula E as Dragon Racing partnership ends
Faraday Future looks to be out of Formula E after just one season. The struggling electric car startup became the title sponsor and technical partner of the Dragon Racing Formula E team in July 2016, with the team rebranded Faraday Future Dragon Racing for the 2016/2017 season. However, the team...
Viknesh Vijayenthiran -
Faraday Future may have just been thrown a life line in the form of a $900 million investment by Indian automaker Tata. Chinese automotive news aggregator Gasgoo claims media sources in China are reporting that the $900 million is for a 10 percent stake in Faraday Future, thus valuing the electric car startup at $9 billion. While it may seem like Tata is getting the short end of the stick, the deal, if real, will likely give the Indian automaker access to Faraday Future’s electric car technology. Faraday Future’s been in the headlines a lot lately, though for all the wrong...
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Faraday Future leases Californian plant after receiving $14M rescue loan
After stopping work on its planned $1 billion plant in Nevada in July, electric car startup Faraday Future has managed to secure access to an existing plant that will allow it to get its first model, the FF 91, to market faster. Faraday Future on Monday said it has leased a 1 million-square-foot...
Viknesh Vijayenthiran -
BMW i boss joins Faraday Future
Struggling electric car startup Faraday Future has hired former BMW executive Ulrich Kranz for the new role of Chief Technology Officer. Kranz, 59, is a BMW veteran and has led the German automaker’s i sub-brand for electric mobility since 2008. He said he was motivated to join Faraday Future...
Viknesh Vijayenthiran -
Faraday Future stops work on Nevada plant
Work on Faraday Future’s planned $1 billion vehicle assembly plant in Nevada has been put on indefinite hold, the company confirmed on Monday. In a statement given to The Nevada Independent, Faraday Future said it’s looking for another means of production that will get its first model...
Viknesh Vijayenthiran -
Watch the Faraday Future FF 91 take on Pikes Peak
Electric car startup Faraday Future may be facing some significant financial challenges right now, but that didn’t stop the company from entering the 2017 Pikes Peak International Hill Climb. During the event held on Sunday, a prototype for Faraday Future’s first model, the FF 91, raced...
Viknesh Vijayenthiran -
Faraday Future highlights FF 91’s dynamic qualities, confirms 2017 Pikes Peak entry
Faraday Future may be desperate for cash these days but this isn’t stopping the company from pressing ahead with plans for production of the FF 91 electric car. In a new video, Faraday Future highlights the dynamic qualities of the FF 91 and gives us a behind-the-scenes look at the...
Viknesh Vijayenthiran -
Electric car startup Faraday Future could be on the ropes. In November, Jia Yueting, the CEO and founder of tech giant LeEco, Faraday Future’s Chinese backer, announced that his company was experiencing a cash crunch, due mainly to the major drain of Faraday Future as well as another electric car startup based in China. It was around this time we also learned that work on Faraday Future’s Nevada plant had come to a halt. Faraday Future did manage to reveal its first car, the FF 91, the following January at the 2017 Consumer Electronics Show. Since then, however, we haven’t...
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Faraday Future reminds us it’s not dead
It’s been a while since we’ve heard from Faraday Future. In fact, the Chinese-backed electric car startup hasn’t announced any news since the reveal of its first car, the FF 91, during January’s 2017 Consumer Electronics Show. The absence of news coupled with delays in...
Viknesh Vijayenthiran -
Why the Faraday Future EV is called the FF 91
Alphanumeric naming schemes for automobiles are nothing new. We don't love them but we understand why an automaker resorts to such naming conventions. It sets out a strategy for future model "names," and it also usually gives the customer a hint at what's in store for a given vehicle. So what does...
Jeff Glucker -
Watch the Faraday Future FF 91 do 0-60 mph in 2.39 seconds
Electric car startup Faraday Future on Tuesday unveiled its first car, the FF 91. The luxury SUV, which makes its official debut on January 5 at the 2017 Consumer Electronics Show, is still officially a concept, though it points to the design and performance buyers can expect when sales eventually...
Viknesh Vijayenthiran -
Faraday Future reveals 1,050-horsepower FF 91 electric crossover due in 2018
Faraday Future, the startup electric brand with Chinese backing based in Nevada, introduced its first production-intent vehicle today on the sidelines of the 2017 Consumer Electronic Show in Las Vegas. The FF 91 is a crossover SUV that boasts 1,050 horsepower and posts a 2.39-second 0-60 mph time...
Kirk Bell -
Faraday Future electric car quicker than Ferrari 488, Tesla Model X
Just weeks out from the debut of its first model at the 2017 Consumer Electronics Show, electric car startup Faraday Future has released a video that shows the car taking on the Bentley Bentayga, Ferrari [NYSE:RACE] 488 GTB and Tesla [NSDQ:TSLA] Model X P100D in a series of drag races. FF is...
Viknesh Vijayenthiran